Flawed Debt Counselling Guidelines
A significant High Court case between an Mpumalanga debt counsellor and two of the big banks has exposed the unreliability of the National Credit Regulator (NCR) approved debt counselling guidelines of a computer-based program, which prescribes how debt restructuring plans are to be drawn up. Continue reading
Credit vs. Saving
In South Africa, the Debt Counselling National Credit Act promotes an efficient, ethical and transparent credit industry, by protecting consumers from the repercussions of over-indebtedness and reckless lending. In life, we often want or need material things sooner than we can afford to pay for them. As such, we too quickly turn to credit or loans, instead of saving up as we should, in order to buy that car, furniture or clothes at a later stage. Many of us earn so little or spend so much that we can barely afford to make ends meet, so we just scrape by, surviving by the skin of our teeth, ending up with too much month at the end of our money, scarcely able to spare a rand. Continue reading
Keeping your financial affairs in order is far more complicated these days.
In the past, you could find a job with a local company for life, enjoy a steady income and get a generous, specified pension upon retiring. Today, you are forced to navigate a volatile job market, while also keeping up with wider societal trends, such as buying into the housing market, paying off debts and building up savings for the future. Continue reading
The debt counselling guidelines were devised to protect over-indebted consumers from becoming further indebted.
A 30% increase in debt review applications, from the end of 2014 to the start of 2015, proves just how effective consumers are finding this process to be at relieving their financial distress. Continue reading
If you’re considering debt counselling, it’s best to weigh up the pros and cons before deciding to sign up. At National Debt Advisors (NDA) we care about your financial well-being. This is why we decided to compile a list of debt counselling advantages and disadvantages, giving you all the information you need to make a well-informed decision.
Annual Debt Counselling
As a start-up business owner, you’ve probably taken out loans or credit to finance your endeavours. In which case, incorporating yearly debt counselling for businesses into your strategy could be greatly advantageous to your company.
If you were to undergo annual debt counselling for businesses, this would put you in a position to reassess the loans and credit products you initially opted for, by shopping around for better deals and making adjustments to your debt structure where possible. Debt counselling for businesses can be an incredibly valuable service to support your long-term success. Continue reading
Debt Counselling Explained
If you need debt counselling explained to you in a simple and understandable way, you’re certainly in the right place. In 2007, the National Credit Act came into effect and along with it, a new, improved rehabilitation process for over-indebtedness.
We refer to this process as professional debt counselling or debt review. Debt counselling was designed to protect consumers from predatory or reckless lenders, and to rehabilitate consumers back into the credit market. Continue reading
More and more South Africans are turning to loans in the face of continual petrol, electricity and food price hikes, which they simply cannot keep up with. According to a World Bank database report, 86% of South Africans took out loans last year, while the world standard is 40%. Consequently, South Africans can quite reasonably be referred to as the most prolific borrowers in the world!
Some of the other biggest borrowers in world include Iran at 80%, Kenya at 79%, Niger at 71%, Botswana at 69% and Zimbabwe at 62%. Interestingly, the tendency seems to be that of asking friends and family for loans more often than financial institutions and micro-lenders. Continue reading